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JPMorgan Exclusive: Record-Breaking Annual Profits Explained

JPMorgan Chase, the largest bank in the United States, reported a decline in fourth-quarter profits of 15%, but the full-year results were record-breaking, with a net profit of $49.6 billion, up 32% from the previous year.

The JPMorgan London headquarters. PHOTO: Shutterstock
The JPMorgan London headquarters. PHOTO: Shutterstock

The bank benefited throughout the year from higher interest rates, which boosted margins in its lending business.

When other banks struggled during a confidence crisis, JPMorgan saw a steady influx

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